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MAGMA POWER CO. ANNOUNCES SECOND QUARTER AND SIX-MONTH RESULTS

 MAGMA POWER CO. ANNOUNCES SECOND QUARTER AND SIX-MONTH RESULTS
 SAN DIEGO, July 21 /PRNewswire/ -- Magma Power Co. (NASDAQ: MGMA) announced increased earnings of $12,969,000 or $.57 per share on increased revenues of $45,719,000 for the six-month period ended June 30, 1992. In the comparable period of 1991, earnings amounted to $12,271,000 or $.52 per share on revenues of $42,161,000.
 In the second quarter ended June 30, 1992, Magma's earnings totalled $7,234,000 or $.32 per share on revenues of $24,174,000. Second quarter earnings were slightly below second quarter 1991 earnings because of the previously disclosed fact that two of the company's four plants performed their annual plant turnarounds during the second quarter instead of the first quarter as they had in 1991. Also, there were five fewer peak power days in the month of June in 1992 than in 1991, resulting in lower capacity payments for the quarter. Capacity payments for three of those five days will be picked up in the third quarter of 1992. During the second quarter ended June 30, 1991, Magma Power had earnings of $7,645,000 or $.32 per share on revenues of $23,517,000.
 "We're pleased with our operating results," said Paul M. Pankratz, president and chief executive officer. "Our people and plants performed well during the quarter, and our financial performance was strong despite the two plant turnarounds and the fewer number of peak power days in June of this year. We look forward to a strong third quarter -- typically the company's strongest -- and continue to expect that Magma Power will perform at levels significantly better than last year, which was a record year for the company."
 Magma Power Co., a San Diego-based firm, holds geothermal leaseholds in California and Nevada, and manages the operation of geothermal power plants in which it owns a significant interest. Magma also receives royalties, management service fees, interest and rental income from the plants and properties and earns substantial investment income.
 MAGMA POWER CO.
 Second Quarter Ended June 30
 (In thousands except per share amounts)
 (Unaudited)
 Percent
 1992 1991 change
 Revenues $24,174 $23,517 2.8
 Income $7,234 $7,645 (5.4)
 Earnings per share $.32 $.32
 Average shares
 outstanding 22,932 23,772
 Six Months Ended June 30
 (In thousands except per share amounts)
 (Unaudited)
 Percent
 1992 1991 change
 Revenues $45,719 $42,161 8.4
 Income $12,969 $12,271 5.7
 Earnings per share $.57 $.52
 Average shares
 outstanding 22,930 23,691
 -0- 7/21/92
 /CONTACT: Wallace C. Dieckmann, VP, treasurer and controller of Magma Power, 619-487-9412/
 (MGMA) CO: Magma Power Co. ST: California IN: OIL UTI SU: ERN


JB-JL -- SD004 -- 1066 07/21/92 07:36 EDT
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Date:Jul 21, 1992
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